FX.co ★ Soybean Futures Hover Below 2-Year High

Soybean futures were trading near $11.60 per bushel, well below the almost two-year high of $12.27 reached on March 12, as persistent uncertainty over global trade continues to pressure prices. The initial wave of Chinese buying has faded, and the postponement of a planned Trump–Xi summit has deepened doubts about the strength of future demand. At the same time, Brazil has further consolidated its lead in the Chinese market: shipments to China in early 2026 jumped more than 80% year on year, capping upside potential for US-origin soybeans. Even so, the USDA projects that China will import about 108 million metric tons of soybeans in 2026, slightly above last year’s total, supported by steady demand from the feed sector. US exports to China have also picked up following a trade truce, with February arrivals climbing to 1.45 million tons, the highest monthly volume since June.